Finance

The Finance Department provides financial services and information to citizens, internal departments, the Provincial Government, and Council.

Service Profile

The five key functions that the Finance Department carries out for the Municipality include:

  1. Revenue and Collections - taxation and utility billing revenue collections, cash flow planning and investment of surplus funds.
  2. Accounting Services - accounts payable and financial reporting.
  3. Financial Planning - Five-year Financial Plan development and monitoring.
  4. Payroll services.
  5. Procurement and Risk Management.

The activities associated with these functions include:

  • Development and Presentation of Five Year Financial Plan
  • Production of Annual Tax notices and periodic utility billings
  • Responding to community requests and inquiries
  • Preparation of interim financial information for Council and year end audited financial statements
  • Preparation of annual financial reports to the Province
  • Collection and Remittance of school tax and taxes collected for other taxation authorities
  • Preparing for and holding the annual Tax Sale
  • Production of bi-weekly payroll
  • Payment of supplier invoices
  • Maintenance of Tax roll records
  • Development of financial policies and drafting of bylaws
  • Providing support to the Community Grants Committee

The Finance Team

Manager of Finance: is appointed directly by Council and reports to the Chief Administrative Officer. The Manager of Finance discharges the statutory responsibilities of Financial Officer as defined in applicable statues and develops and implements appropriate controls, systems and mechanisms to provide an adequate
level of assurance that are conducted in compliance with the Local Government Act, other legislation, regulations and Council policy.

Senior Accountant: Assists the Manager of Finance with performing all general accounting including budget preparation and reporting, financial statement and annual audit preparation, treasury, taxation, utility and payroll functions of the municipality.

Finance Clerk: The Finance Clerk is responsible for the bi-weekly production of accounts payable cheques, maintaining the integrity of the property tax roll, processing cash receipts and preparation of the weekly bank deposit. This position assists the Senior Accountant and the Manager of Finance.

Highlights from the 2016 Island Plan

  • Began work on Utility Rate structure to achieve consistency and uniformity to the municipal water rates.
  • Continued to work with Snug Cove House to ensure Utilities in Place.
  • Worked on Community Organization Core Funding Policy to create a source of stable, predictable funding to community organizations.
  • Participated in Community Centre Fundraising subcommittee with a goal to develop a financing strategy to build a Community Centre.
  • Successfully Applied for Building Canada Fund Grant of $3.8M to construct a Water Treatment Plant for Cove Bay Water.
  • Drafted an RFP to commission an infrastructure management plan.

Related:

Community Grants and Grants-in-Aid

Financial Reports

Property Taxes

Permissive Tax Exemptions

Last Updated on 2018-01-04 at 2:58 PM